The Puget Sound Business Journal<\/a>; LaSalle had held the asset since 2006. The 1922-built Dexter Horton building features 15 floors of commercial space, each of which features between 17,000 and 24,000 leasable square feet. The building, named after the entrepreneur responsible for the city\u2019s first bank, underwent an extensive, $34 million renovation between 2002 and 2006. At the time of the transaction, it had an occupancy rate of approximately 90 percent.<\/p>\nMainly dealing with redeveloping properties into multifamily or mixed-use projects, Gerding Edlen is responsible for some of the most representative projects in Portland\u2019s Pearl District, such as the Brewery Blocks redevelopment. The company is set to kickstart a renovation process of its own at the Dexter Horton building, with its sights set on turning the venue into a viable contender for potential creative office tenants. Gerding Edlen has yet to choose a construction company to handle the reimaging process for the building. <\/span> <\/span> <\/span><\/p>\nImage courtesy of dexterhortonbuilding.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"By Alex Girda, Associate Editor<\/p>\n
Seattle’s office market has been praised repeatedly over the past couple of years for constantly producing major transactions and for the way in which areas such as South Lake Union have defined themselves as the next big tech destinations in the country. The investor response is so positive that even companies previously dealing with residential assets are now looking to cash in on the office rise the Northwest has been experiencing. A case in point would be the recent acquisition of the Dexter Horton building by traditional multifamily developer Gerding Edlen.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[1815],"class_list":["post-1004068509","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle","tag-national"],"acf":[],"yoast_head":"\n
Iconic Seattle Office Building Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/iconic-seattle-office-building-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iconic Seattle Office Building Changes Hands\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor Seattle’s office market has been praised repeatedly over the past couple of years for constantly producing major transactions and for the way in which areas such as South Lake Union have defined themselves as the next big tech destinations in the country. The investor response is so positive that even companies previously dealing with residential assets are now looking to cash in on the office rise the Northwest has been experiencing. 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<\/a>cording to The Puget Sound Business Journal<\/a>; LaSalle had held the asset since 2006. The 1922-built Dexter Horton building features 15 floors of commercial space, each of which features between 17,000 and 24,000 leasable square feet. The building, named after the entrepreneur responsible for the city\u2019s first bank, underwent an extensive, $34 million renovation between 2002 and 2006. At the time of the transaction, it had an occupancy rate of approximately 90 percent.<\/p>\n